Public Storage (NYSE: PSA ) reported its third-quarter 2023 earnings, highlighting strong occupancy trends and a successful digital transformation amidst lower demand from home buyers due to rising mortgage rates. The company also reported a core FFO of $4.33 per share, representing a 5.6% growth year-over-year, and raised their core FFO range to $16.60-$16.85. Key takeaways from the call include: Public Storage reported better-than-expected occupancy trends, driven by strong move-in volume and customer behavior. Over 60% of customers are using their online leasing platform, with the company boasting 1.4 million app users. The company is actively acquiring properties, including the $2.2 billion Simply Self Storage portfolio, and has a pipeline of nearly $1 billion in development. Public Storage expects cap rates to trend higher due to the change in the cost of capital. The company plans to launch a tenant insurance platform next month, which could have a larger addressable market than third-party management. Public Storage has invested $80 million in its properties in the Southern California region through its Property of Tomorrow program. The company sees opportunities for expansion through development and redevelopment as the lending environment for construction loans becomes more constrained. Public Storage has raised about […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
